JDW, BrewDog, Cote, trading, energy costs, surveys, holidays & other:

A DAY IN THE LIFE:

Our toaster blew up the other day.

Well, it didn’t blow up, it simply stopped working and it wasn’t the other day, it was back in the summer and it was, after all, maybe twenty years old.

And it had seen a lot of action when the kids were at home so it didn’t really owe us anything but, whatever the ups and downs, it left us without a toaster and, when you feel the need for a Marmite toasty, that’s not good.

Fortunately, or at least we initially thought fortunately, we had still-boxed spare in the cupboard under the stairs that had never been used.

True, the box had ‘basics’ stamped across it but needs must. We used it and then inertia set in because this was probably three months ago.

And, as it seems able to randomly burn one slice of bread whilst doing nothing to another and even scorch one side but leave the other whiter than when it went in, we really must bin it.

But it works and I’m from Yorkshire. I just can’t throw it out. I’ll have to develop a taste for whatever it produces.

Anyway, The Mighty Hull managed a win at the weekend, so not all bad. Let’s move on to the news:

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PUBS & RESTAURANTS:

Trading:

CGA has updated on trading for the middle-two weeks of September (weeks to 13th and 20th respectively) saying that long drinks remained steady whilst a number of other categories fell in money terms – and by even more so in real terms…

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Pricing intentions / inflation:

The Bank of England’s poll of finance chiefs has suggested that inflation could well stay above the Bank’s 2% target for some time to come…

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Energy costs:

JD Wetherspoon cautioned on Friday that energy costs would be materially higher than had been forecast. This because some users, via higher standing charges, will be required to fund the subsidies offered to heavy users of energy such as steel producers and other heavy industrial companies….

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Other news:

VAT in Ireland. VAT on certain hospitality companies in Ireland it to be cut from 13.5% to 9% from July 2026. Hotels will not be included but a number of other business segments, such as franchisee businesses for McDonald’s and other international brands, will be covered by the reduction.

Prosecco now reportedly accounts for around a third of all Italian wine sales in the USA.

JD WETHERSPOON – FY RESULTS CONFERENCE CALL:

JDW reports that LFL sales for the group as a whole rose by 5.1%. It splits this as to 5.1% for bar sales, 5.0% for food, 11.0% for slot machines and minus 11.9% for accommodation. This is as a result of the group removing stock from OTAs (which are expensive). Q. What did franchised pubs contribute? It’s too early to put a number on it. Most have not been branded for a full year yet. Sales look reasonable. Operating standards have been good. Q. Opportunities? Co mentions Papa’s. It would like to do 10-15 over time. Haven would like to do more. Q. Could be 23 by end-FY26. Co is ‘still not pencilling in material revenues’. It will be meaningful from FY27 onwards.

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COMPANY NEWS:

JD Wetherspoon’s shares fell by 37.5p or 5.6% on Friday on the back of the group’s full year numbers and update as to current trading.

BrewDog is reported to have sold its Lost Forest. The move came after around half the trees planted died in 2023 as a result of adverse weather. The company reportedly paid £8.8m for the land.

The Karali Group has bought restaurant chain Côte Restaurant Group. It had been thought that current private equity owner, Partners Group, was about to inject further funds into the business.

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EG Group has sold bakery business Cooplands to a group of investors based in Yorkshire. The business was founded in the county in 1885. The terms of the deal were not disclosed.

In the US, Paul Brown, co-founder & CEO at Inspire Brands, the company that owns Dunkin Donuts, Arby’s and a number of other F&B brands, has written on Linked In ‘today, we celebrated the opening of Dunkin’s 10,000th U.S. location.’ He says this is ‘an incredible milestone that highlights the enduring power of this brand and the limitless opportunities ahead.’

THE PROBLEM WITH SURVEYS…

We have mentioned on a number of occasions that surveys often ‘prove’ what the person paying for them wants to see. Herewith a piece that we sent out to clients last week…

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HOLIDAYS & LEISURE TRAVEL:

The TTG reports that TUI and easyJet holidays have both increased their ATOL carrying numbers for the coming year, while Jet2holidays ‘has frozen its allocation.’ Jet2 remains the UK’s single-largest ATOL holder with just over 7m passengers protected…

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French air traffic controllers have suspended the strike that had been due to disrupt air travel across Europe this week.

Luton Airport is reported to have posted a pre-tax profit of £89.8m for its latest financial year, up from £39.9m in the prior year.

OTHER LEISURE:

Stella David, CEO of Entain, which owns Ladbrokes and Coral, has called on the chancellor not to raise betting taxes in her upcoming budget. She says that higher taxes would force the company ‘to consider its investment level in the UK…’

Hat Trick Productions, which produces programmes such as Have I Got News For You and Mastermind, has reported a profit of around £857k in FY24, up from a pre-tax loss of £377k in the prior year.

Audioboom has confirmed earlier Sky News reports that it ‘has appointed J Goodwin & Co LLP to manage a strategic review process which involves the consideration of, amongst other strategic options, the potential sale of the Company….’

FINANCE & MARKETS:

The Office for Budget Responsibility on Friday produced its estimates for the UK economy in which it downgraded estimates on productivity and factored in higher debt payments.

Sterling up slightly at $1.3445 and €1.1476. Oil higher at $65.38. UK 10 year gilt yield unchanged at 4.70%. World markets mostly better on Friday and into today and London set to open around 7 points better as at 6.30am.

RETAIL WITH NICK BUBB:

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